Sunday, June 02, 2013
Typically the important information is in the footnotes.
However, the chart included with the plan shows that the average savings for student loan borrowers is actually $1,126. Despite tweets from the White House that seem to suggest the savings are annual ("Last year, President Obama helped students save an average of $1,000 on their college loans"), the footnote to the chart explains that the savings assumes the borrower "repays the loans over the expected period of 12 years." A savings of $1,126 over twelve years is $94 per year, or about 25¢ a day.